Africa is a powerhouse of resources and innovation. With 54 countries on the continent, a lot of growth and development has been witnessed in recent years. Some countries have risen above their expected growth rate performance, while others can be seen struggling with their poor state of the economy. Do you know which is the richest country in Africa 2020?
Interestingly, some of the states in Africa have the potential of becoming the richest countries in the world. These states are rich in precious metals, fertile soil, and raw materials. This list was compiled using the Gross Domestic Product of every country, which basically means the total goods and services produced by a country.
Which country is the richest in Africa?
This is a question often searched by many people. Some want to find out where their nation falls while some do it out of curiosity. Here is a list of African countries that have been matched to having vast wealth.
1. Nigeria - $446,543 billion
The state has a population of about 202 million and has continued dominating the list of richest countries in Africa. Why is Nigeria the richest country in Africa? The country is bestowed with bountiful natural resources that have always seen the country leading in terms of GDP as a result of being the largest crude oil exporter.
By December last year, the state was producing 1.6 million barrels in a day. Apart from oil, the state produces natural gas, limestone, niobium, lead, arable land, tin, iron ore, and zinc. However, there are speculations that due to the rising cases of unemployment and political instability, the country is bound to experience a slow growth rate. The tag of war in crude oil prices between the US, Russia, and Saudi Arabia is also set to affect the West African country.
2. South Africa - $358,839 billion
The beautiful country holds the second position when it comes to a high GDP. It majors in raw materials export, which includes gold, platinum metals, and iron ore. The nation has also been leading in both financial and manufacturing services. With the recent global economy experiencing shortcomings as a result of the COVID-19, South Africa might be facing challenges soon.
China, a significant iron ore trade partner to South Africa, also went through a cycle of closing down factories meaning things are not looking bright for the country.
3. Egypt - $302,256 billion
The nation has been working hard to ensure they experience positive economic growth. The IMF has spearheaded the program, and as a result, they had their GDP growth rate rise from 5.3 percent in 2018 to 5.6 percent in 2019. The unemployment rate has also decreased from 9.9 percent to 7.5 percent.
The state has been focusing on wholesale and retail trade, construction, tourism, and gas extractives. Amidst all its efforts, Egypt has about 32.5 percent of people living below the poverty line, which slows down its economic growth.
4. Algeria - $172,781 billion
The state is rich in natural gas and oil, which makes it a good candidate for enormous economic growth. However, political instability in the state has slowed down its economic growth. Also, most countries engaged in the hydrocarbon industry had their processes halted on allegations and investigations on corruption.
5. Morocco - $119,04 billion
The state’s GDP slowed down to reach 2.7 percent as opposed to estimations given by the World Bank. The country depends on agriculture, industry, and other personal services. Before the COVID-19 pandemic, the country was expected to have an estimate of a 3.3 percent growth rate in the year 2020-2021 as a result of its automotive industry, which was to increase its plant production.
READ ALSO: Top 15 richest business owners ranked: black South African millionaires
6. Kenya - $98,607 billion
The nation has been recording significant growth in the Sub-Saharan region. Kenya has had an economic growth of about 5.7 percent in 2019, which has been a result of investor confidence and a stable macroeconomic environment in the country. The nation’s strongholds are agriculture, technology, and financial services, which makes it one of the best countries in Africa.
7. Angola - $91,527 billion
Is Angola the richest country in Africa? This is a query commonly asked by most people. Well, the answer is No for now, but who knows what the future holds for Angola. The state has been improving its structural and political reforms in a bid to balance its economy.
Angola, which is rich in oil, has received massive aid and strategy plans from the IMF and World Bank to grow its GDP.
8. Ethiopia - $91,166 billion
Ethiopia has been recorded an increase of about 9.9 percent in its GDP every year. The nation’s prime minister spearheaded and launched an economic reform forum that is geared towards improving their economy. However, challenges such as political and social instability, as well as consumer inflation, could see the GDP slowing down.
9. Ghana - $67,077 billion
The state is home to exports such as crude oil, gold, cocoa, and timber. The country recorded a growth rate of 6.7 percent in 2019. As a result of the high costs of natural gas supply and high cost, the growth rate is expected to be interrupted. Also, the recent COVID-19 pandemic is bound to affect the state’s economic growth rate.
10. Tanzania - $62,224 billion
With a growing population of about 55 million people, the state’s GDP is estimated to have a growth rate of 5.6 percent by 2019. This was because of various investments in the country, such as the installation of the new rail and a hydro-power plant. The country exports cashew nuts, gold, cotton, and coffee.
The nation’s current president has an excellent vision for the state to improve its growth rate. Maybe the country will be the richest in Africa in a few years to come.
11. Libya - $52,076,000
With a population of only 6.6 million people, Libya is doing well for itself. The country faced a deep recession in 2013 – 2016, following the death of Gadhafi. They had just begun to rebuild and even increased oil production by almost double when in April 2019, a war broke around Tripoli.
The war that plagues the country is assured to stunt the GDP growth rate if not stop it completely. They have, however, managed to maintain a position as one of the richest African countries.
12. Cote D'Ivoire – $58,792,205.64
With a population of 25 million people, Cote D'Ivoire is a relatively large country. They are the world's largest exporter of raw cashew nuts and cocoa. They also export oil and boast a large manufacturing sector. The government has exhibited a healthy GDP growth rate and subsequently become the biggest economy in the West African Economic and Monetary Union.
13. Democratic Republic of Congo - $47,319,624.20
Their large population of more than 84 million people and several untapped minerals should put them at the top of this list. At the time of their independence in 1960, DRC was the second-largest economy after South Africa. Since then, corruption, war, and political instability have derailed the country's growth.
Despite the setbacks, the country is making slow and steady progress in regaining its former glory by quickly modernizing its industries and implementing several government projects.
14. Tunisia - $39,610,00
With a population of 11 million people, Tunisia is one of the small countries. However, they are giants in exports of oil, phosphates, agricultural food products, car parts manufacturing, and tourism. Tourism, which is the third-largest contributor to the economy, faced a massive blow after a terrorist attack in 2015.
However, the Tunisian government is in the process of liberalizing the economy after decades of heavy state direction. This move is predicted to allow more economic growth.
15. Cameroon - $38,760,467
With over 25 million people, Cameroon has one of the best primary commodity economies in Africa. Just like DRC, Cameroon had one of the most prosperous economies in Africa after independence. A drop in prices of their primary products, mainly cocoa, coffee, cotton, and petroleum in the 1980s, together with economic mismanagement and an overvalued currency, crippled their economy and led to a recession that lasted for 10 years. They are, however, recovering, and their economy is doing much better than before.
Frequently asked questions
Here are some frequently asked questions about African countries. Despite wealth disparities in several African countries, there is a lot of wealth to be found. Some countries are even ranked in the lists of the most powerful.
What is the most powerful African country?
The three most powerful African countries are Egypt, South Africa, and Nigeria. Egypt and South Africa rank 29th and 31st in the world. Egypt boasts a prime location and a great military, while South Africa also has an excellent location.
Which country has the richest people?
Egypt has the wealthiest people in Africa. It is home to the highest number of billionaires in Africa, with 6 Egyptians holding more than $1 billion in assets. It also has 16,700 dollar millionaires within its borders.
This list of the richest country in Africa 2020 will soon shift around as African countries are becoming more tech-savvy and improving their GDP.
READ ALSO: Africa's richest: 10 African billionaires and their net worth
Briefly.co.za made a list of the 10 African billionaires and their net worth. In 2020, Nigeria's Aliko Dangote tops the list for the ninth consecutive year despite a slight drop in his net worth. Is your country well represented in this billionaires list? Find out this and more by reading the article.
- 10 most expensive private jets in the world
- 20 most expensive houses in the world today
- 7 richest crime organizations of all time